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Experience Spotlight

On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

Tennessee Government Update - Recap of February 21 - 25, 2011

February 25, 2011

Tort ReformThe governor's proposal to reform tort law and procedure in Tennessee is likely to be considered by the legislature in mid-March. In order to provide detailed and timely information about the effort, Bass, Berry & Sims will periodically publish a newsletter on the tort reform effort. The first edition will be transmitted early next week. Part of the political response to the governor’s initiative by plaintiffs' lawyers has been the engagement of former U.S. Senator Fred Thompson to lobby the matter. Mike Morrow of Tennessee Report has an in-depth story about Thompson's role.

Tennessee State Procurement ReformNot surprisingly, Governor Haslam's legislative package includes a bill to delay implementation of last year's measure reforming the state's procurement system and creating a procurement commission to oversee all state procurement and a chief procurement officer to manage the procurement process. Senate Bill 1710/House Bill 2000 delays the appointment of a chief procurement officer from March 31, 2011 to July 1, 2011 and the overall effective date from October 1, 2011 to April 1, 2012.

Legislative CalendarsNext week will be the first week of full legislative activity. All committees have scheduled meetings with full calendars.

"Aliens" and BusinessHouse Bill 1582 (sponsored by Murfreesboro Representative Joe Carr and 50 other members of the 99-member house) and Senate Bill 1567 (sponsored by Murfreesboro Senator Bill Ketron, the Senate Republican Caucus chair) will, if enacted, expand Arizona's approach to identifying "aliens" by requiring all public and private employers to maintain active participation in an "E-Verify program." The first violation of the act by an employer includes a penalty that "all licenses held by the private employer shall be suspended for thirty (30) days… ." The bill is expected to have a fiscal impact on the state budget and is almost certain to be amended.

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